Kauer R T, Silvers J B
Weatherhead School of Management, Case Western Reserve University, Cleveland, OH.
Health Care Manage Rev. 1991 Fall;16(4):67-77.
Hospital managers may find it difficult to admit their investments have been suboptimal, but such investments often lead to poor returns and less future cash. Inappropriate use of free cash flow produces large transaction costs of exit. The relative efficiency of investor-owned and tax-exempt hospitals in the product market for hospital services is examined as the free cash flow theory is used to explore capital-market conditions of hospitals. Hypotheses concerning the current competitive conditions in the industry are set forth, and the implications of free cash flow for risk, capital-market efficiency, and the cost of capital to tax-exempt institution is compared to capital-market norms.
医院管理者可能会发现承认他们的投资并非最优选择很困难，但此类投资往往会带来不佳的回报和较少的未来现金流。自由现金流的不当使用会产生巨大的退出交易成本。在运用自由现金流理论来探究医院资本市场状况时，我们考察了投资者所有的医院和免税医院在医院服务产品市场中的相对效率。我们提出了有关该行业当前竞争状况的假设，并将自由现金流对风险、资本市场效率以及免税机构资本成本的影响与资本市场规范进行了比较。
